Liberal Democrat Shadow Foreign Affairs Minister, Jo Swinson MP, has become the first Member of Parliament to back the 2356percent Facebook campaign calling for fair payday loan APRs.

The East Dunbartonshire MP (pictured above) has joined more than 220 members of the campaign's Facebook group - launched just one month ago - who are concerned about the typical APRs being offered by short-term 'payday' lenders like Quickquid.co.uk (2,356%) and Wonga.com (2,689%).

Jo said: "Despite all the lessons that we should have learned from the liquidity crisis, it's alarming that potentially irresponsible lending and inappropriate borrowing continues to thrive. It is not simply an issue of the high cost of the loans in terms of money, but the high social and emotional costs upon relationships, families, homes and communities of either failing to manage any resulting debt or being drawn into a cycle of habitual borrowing.

"I understand that the Office of Fair Trading is expected to report on its review of the short-term sub-prime lending market soon. I wish the 2356percent campaign every success in seeking to influence the debate over the fairness of existing short-term lending practices and the need to create new ways for people on low incomes to borrow at a much lower cost and at less risk to their financial well-being."

Campaign organiser, Ian Thomas, said: "I'm sure every member of our campaign will be as delighted as I am that Jo has chosen to join the Facebook group. It's a huge boost to have the backing of such a significant public figure.

"It is support from people like Jo that is sustaining the momentum which we have begun to build thanks to the Facebook Group. It's a great way to enable lots of people - each individually alarmed by the cost of payday loans - to gather together and play their part in influencing the future shape of short-term lending in the UK."

To join in the Campaign simply follow the link and click 'Join Group' here: 2356percent at Facebook

We may be less than a week old, but the 2356percent campaign has already welcomed its first elected representative to the growing number of members of the campaign's Facebook Group.

Liberal Democrat councillor Les Bonner represents the Yarborough Ward on North East Lincolnshire Council. Cllr Bonner has a track record in campaigning against loan-sharking and - along with all our supporters - is a very welcome and significant supporter of our fledgling campaign.

Of course we would be delighted to hear from more Councillors, MPs, and national Parliamentary and Assembly members, who are concerned about unfair APR rates on payday loans. In fact, anyone wishing to support the campaign can do so by following us at Twitter or by joining our Facebook Group.